Hesai Group (NASDAQ:HSAI) Stock Price Up 9.2% – What’s Next?

Hesai Group (NASDAQ:HSAI)’s share price shot up 9.2% on Monday . The company traded as high as $13.35 and last traded at $13.34. 1,444,555 shares traded hands during mid-day trading, a decline of 31% from the average session volume of 2,092,081 shares. The stock had previously closed at $12.21.

Analysts Set New Price Targets

HSAI has been the topic of several research analyst reports. Daiwa America upgraded Hesai Group to a “strong-buy” rating in a research note on Tuesday, March 11th. Morgan Stanley lowered Hesai Group from an “overweight” rating to an “equal weight” rating and boosted their price target for the stock from $5.80 to $15.00 in a research note on Monday, January 13th. The Goldman Sachs Group raised shares of Hesai Group from a “neutral” rating to a “buy” rating and increased their price objective for the company from $5.50 to $18.40 in a research report on Tuesday, January 14th. Finally, Daiwa Capital Markets assumed coverage on shares of Hesai Group in a research report on Tuesday, March 11th. They set a “buy” rating and a $35.00 target price on the stock.

Hesai Group Trading Down 9.2 %

The stock has a 50-day simple moving average of $17.21 and a 200 day simple moving average of $12.10. The company has a current ratio of 3.08, a quick ratio of 2.65 and a debt-to-equity ratio of 0.08. The company has a market cap of $1.49 billion, a price-to-earnings ratio of -26.70, a PEG ratio of 1.44 and a beta of 1.35.

Institutional Investors Weigh In On Hesai Group

A number of large investors have recently bought and sold shares of the company. Lightspeed Management Company L.L.C. acquired a new stake in Hesai Group during the 4th quarter worth about $110,560,000. Robert Bosch GmbH acquired a new stake in Hesai Group during the fourth quarter worth about $105,768,000. Millennium Management LLC acquired a new stake in Hesai Group during the fourth quarter worth about $14,736,000. Voloridge Investment Management LLC purchased a new position in Hesai Group during the fourth quarter valued at approximately $9,496,000. Finally, D. E. Shaw & Co. Inc. acquired a new position in Hesai Group in the fourth quarter valued at approximately $9,265,000. Hedge funds and other institutional investors own 48.53% of the company’s stock.

About Hesai Group

Hesai Group, through with its subsidiaries, engages in the development, manufacture, and sale of three-dimensional light detection and ranging solutions (LiDAR). Its LiDAR products are used in passenger and commercial vehicles with advanced driver assistance systems; autonomous passenger and freight mobility services; and other applications, such as delivery robots, street sweeping robots, and logistics robots in restricted areas.